The case involves a Company Petition filed by Saraswat Co-operative Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Sristi Hospitality Private Limited, the Corporate Debtor, due to an unresolved financial debt of Rs. 28,30,42,444.42/-. The Corporate Debtor had approached the bank for financial assistance, which was granted in the form of a term loan and overdraft facility. The Corporate Debtor failed to repay the outstanding amount, leading the bank to classify the account as a Non-Performing Asset (NPA).
Saraswat Co-operative Bank Limited (the Petitioner) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sristi Hospitality Private Limited (the Corporate Debtor). The Corporate Debtor had approached the Petitioner for financial assistance and was granted a term loan of Rs. 21,00,00,000/- and an overdraft facility of Rs. 50,00,000/-, aggregating to Rs. 21,50,00,000/-. This was sanctioned via a letter dated 31.10.2017. The Corporate Debtor resolved to secure these credit facilities in a board meeting on 01.11.2017. A loan agreement was executed on 31.12.2017, and a charge was registered on 16.01.2018. A letter of guarantee was also issued on 30.12.2017. The Corporate
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Sanction letter issued…
Respondent's Board of Director's meeting…
The case involves a Company Petition filed by Saraswat Co-operative Bank Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Sristi Hospitality Private Limited, the Corporate Debtor, due to an unresolved financial debt of Rs. 28,30,42,444.42/-. The Corporate Debtor had approached the bank for financial assistance, which was granted in the form of a term loan and overdraft facility. The Corporate Debtor failed to repay the outstanding amount, leading the bank to classify the account as a Non-Performing Asset (NPA).
Saraswat Co-operative Bank Limited (the Petitioner) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sristi Hospitality Private Limited (the Corporate Debtor). The Corporate Debtor had approached the Petitioner for financial assistance and was granted a term loan of Rs. 21,00,00,000/- and an overdraft facility of Rs. 50,00,000/-, aggregating to Rs. 21,50,00,000/-. This was sanctioned via a letter dated 31.10.2017. The Corporate Debtor resolved to secure these credit facilities in a board meeting on 01.11.2017. A loan agreement was executed on 31.12.2017, and a charge was registered on 16.01.2018. A letter of guarantee was also issued on 30.12.2017. The Corporate
…Sanction letter issued…
Respondent's Board of Director's meeting…